If you are purchasing a home in Pennsylvania, you know that the closing process is often fraught with tension. Fortunately, it doesn’t always have to be, provided you have the right tips to see you through. A little bit of information can go a long way in this case, especially for first time buyers who may not be apprised of the total closing process.
As illustrated by the Washington Post, there are certain steps that must be taken to facilitate a smoother real estate closing. For instance, you can compile the necessary documents well in advance to make sure you are prepared. This typically includes things like income and bank statements, as well as tax returns and other items. You can even do a bit of research online for a mortgage checklist, which can provide you with a clear idea of what exactly you’ll need to apply for a loan.
You’ll also need to show that you have the funds available to cover all costs related closing. In general, you’ll need to provide the agreed upon down payment for the home, along with any fees necessary to satisfy closing costs. This money will be required on the day of the closing, so it’s important that you make sure you have the funds available. In most cases, a cashier’s check will suffice. You may also be able to wire the money to the appropriate party.
You can also inquire if your mortgage lender requires any supplemental information a few days before the closing occurs. Last minute requests for additional documentation are not unusual at closings, and failure to procure these items can result in costly delays. By reaching out beforehand, you can ensure you have all the items you need to purchase your new home.